[MALACARAN PALACE BY THE PRESIDENT OF THE PHILIPPINES EXECUTIVE ORDER NO. 160 [ADJUSTING THE DIVIDEND RATE OF THE DEVELOPMENT BANK OF ‘THE PHILIPPINES PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656 WHEREAS, Republic Act (RA) No. 7656 requires all govemment-owned or -controlled corporations (GOCCs) to deciare and remit at least fity percent (50%) of their annual net earings as cash, stock or property dividends to the National Government WHEREAS, RA No. 7656 provides that the President, upon the recommendation of the Secretary of Finance, may adjust the percentage of annual net ‘earnings to be declared by a GOCC, in the Interest of national economy and general welfare: WHEREAS, pursuant to Executive Order No. 81 (s. 1986), as amended by RA ‘No. 8623, the Development Bank of the Philippines (DBP) was created for the primary purpose of servicing medium and long-term needs of agricultural and industrial enterprises, particularly in the counityside, and preferably for small and medium scale enterprises; WHEREAS, through its various programs, the DBP provides credit support to infrastructure and logistics, micro, small and medium enteroises, environment and ‘social services and community development, to future-proof operations of business ‘and other government entities and drive Immediate economic grovah and recovery; WHEREAS, pursuant to RA No. 7656, the Secretary of Finance has recommended the downward adjustment of the percentage of the net eamings that shall be deciared by the DBP as dividends to the National Government for Calendar Years (Cs) 2018, 2019 and 2029, in order o support the cepital position of the DBP and allow it to comply with Bangko Sentral ng Plipinas regulations, and expand its role in the economic recovery of industries adversely affected by the COVID-19 pandemic; NOW, THEREFORE, , RODRIGO ROA DUTERTE, President ofthe Republic ‘ofthe Philippines, by itue of the powers vested in me by the Constitution and existing laws, do hereby order: Section 1. Adjustment of Dividend Rate. Pursuant to Section 5 of RA No. 756, the percentage of net earings to be deciared and remitted by the DBP to the ‘THE PRESIDENT OF THE PHILIPPINES"National Government for CY's 2018, 2019 and 2020 is adjusted from fity percent (60%) of ts annual net earings to 0%. Section 2. Coverage. The adjusted dividend rate set forth in Section 1 of this ‘Order is applicable only to the DBP for C¥s 2018, 2019 and 2020. Section 3. Effectvity. This Order shall take effect immediately. day of Deceaber inthe DONE, in the City of Manila, this 29t0 year of Our Lord, Two Thousand and Twenty-One. By the President: sALvkDOR ©. MEDIALOEA Erect Secrelay MAACAANG RECORDS OPCE CERTEPIRD COPY ze | |